Hyderabad State Before Accession to the Indian Union (pre-1948) Before its accession to the Indian Union in 1948, Hyderabad State under the Asaf Jahi Nizams was the largest and wealthiest princely state in British India. Governed independently under British suzerainty, Hyderabad was a cosmopolitan, multi-lingual, and economically progressive state , often considered ahead of many contemporary princely states in terms of infrastructure, education, and administration. Economic Development Currency & Railways : Hyderabad had its own currency , Hyderabadi Rupee , and an extensive railway network managed by the Nizam's Guaranteed State Railway (NGSR) —one of the few princely states to have such autonomy. Public Institutions : The Nizam established Osmania Bank (1919), which later merged with the State Bank of India, and was the first bank in India to issue credit notes . Industry : Flourishing textile mills, diamond trade (Golconda), and handicrafts suppo...
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